Canadian Solar: Q3 EPS Light; Sees Q4 Revenue Collapse

Canadian Solar (CSIQ) this morning forecast a dramatic drop in revenues for the fourth quarter as the solar sector continues to struggle with falling demand.

For Q3, the company posted revenue of $252.4 million, above the Street at $248 million. But profits of 41 cents a share were 13 cents short of the Street consensus of 54 cents.

The shocker is the guidance: For Q4, the company now sees revenue of $70 to $85 million, just a fraction of the Street consensus of $270.1 million. For the full year, the company now sees revenue of $650 million to $750 million, well below the Street at $901.9 million.

In a statement, the company said that “given the uncertainty of project and customers’ financing coupled with softening solar market demand in Europe and USA at the year-end, the company has shifted its short-term operational emphasis to preserving cash and minimizing risk from the credit environment.”

About Voices

Along with original content and posts from across the Dow Jones network, this section of AllThingsD includes Must-Reads From Other Websites — pieces we’ve read, discussions we’ve followed, stuff we like. Six posts from external sites are included here each weekday, but we only run the headlines. We link to the original sites for the rest. These posts are explicitly labeled, so it’s clear that the content comes from other websites, and for clarity’s sake, all outside posts run against a pink background.

We also solicit original full-length posts and accept some unsolicited submissions.

AllThingsD by Writer

AllThingsD.com is a Web site devoted to news, analysis and opinion on technology, the Internet and media. But it is different from other sites in this space. It is a fusion of different media styles, different topics, different formats and different sources. Read more »